VinFast To Open First Dealership in California This Month, Investor Sentiment Improves But Not Yet Bullish

Vietnamese electric vehicle (EV) maker VinFast (VFS) announced its first authorized dealership in California on Wednesday, as it seeks to expand sales through a network of dealerships.  

The new dealership, situated in San Diego, is set to officially begin operations this month. California consumers can explore, test drive, purchase, or lease VinFast's VF 8, a 5-passenger electric mid-size SUV, and the VF 9 full-size, 3-row, 7-passenger electric SUV.

While the VF8 starts at $39,900, the VF9 starts at $62,900.

The Vietnamese EV maker is accelerating the development of its dealership network across the U.S. California is key to this expansion because of the state’s significant EV growth potential, the company said. The firm is also seeking and evaluating opportunities with other potential dealerships throughout California.

VinFast introduced a dealership sales model in late 2023 and recently decided to fully transition to a franchise dealership model in all 50 states.

The company has an established network of more than 30 authorized dealerships, with a strong presence across 15 key states in the U.S., including Texas, Connecticut, Florida, Illinois, and New York.

Earlier this month, VinFast reported a surge in first-quarter revenue while losses widened. Total revenue in the quarter jumped about 150% to $656.5 million, while net loss in the period increased 20% year-over-year to $712.4 million.

The company, however, maintained its target to at least double its global deliveries in 2025. Throughout 2024, the company sold 97,399 vehicles, with 87,890 units sold in Vietnam.

On Stocktwits, retail sentiment around VFS improved from ‘bearish’ to ‘neutral’ territory over the past 24 hours while message volume remained ‘low’.

VFS stock is down by about 18% this year and by about 12% over the past 12 months.

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